BTC/USD broke above the 1200 mark on Wednesday and hit 1231 levels. The pair has broken above this level and is continuing uptrend on Thursday. It is currently trading at 1233 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1154

Kijun Sen: 1072.36

Overall trend appears bullish and the pair will now run into resistance at 1245 (127.2% retracement of 1139.89 and 751.34)/1280 (113% extension of 751.34 and 1220)/1300.

The pair is likely to find support near 1223 (1H 5-SMA) and a break below would target 1200 (psychological). Further weakness could see a dip till 1188 (5-DMA)/1165 (10-DMA).